webster. melissa: i am melissa francis. ashley: and i am ashley webster. president obama warning this will be a big and powerful storm. the new york stock exchange, yes, it is closed. we will have more on that coming up. melissa: the new york stock exchange duncan telling that the exchange will close on tuesday. we will stay on that story. commodities trading at the cme in chicago. we will take you there. ashley: the massive storm also hitting the nation's capital and if the campaign trail with the election day just over a week away. melissa: hurricane sandy pounding the east coast. we have rubber great and jeff flock covering this.

>> we have emergency officials from the fire department telling people to leave. it is in evacuation zone after all. obviously, it is closed today. sandbags outside. lots of tourist there incidentally taking pictures. getting a little more than they bargained for with their trip to new york. there are a few shops open. down here in battery park, you cannot even find a starbucks or mcdonald's that is open much less one of the local dailies. they are all closed up. it will be a large impact. i heard from the president of bliss at the spot, i am sure you

know it well, melissa, it is really unfortunate that they had to close. this things always seem to happen at the end of the month. what would they rather do than go to the spa, but unfortunately, he could not get his workers in. so many of these places are closing down, including the restaurant we are standing in the backyard of, really. we did have water coming almost all the way up earlier at high tide around 9:00 a.m. this morning. rain is picking up. you can see it is really choppy out there. we are looking for more surges at any moment. melissa: thank you so much. we are just hearing breaking news from the labor department. they will release the jobs report on friday. government workers are not at work working on this. normally when there is a holiday during the week, they put this off.

ashley: there was a lot of speculation, if it is delayed, how does that affect the election. this is a weather related things. melissa: commodities are still holding along. sandra smith is on the busy floor of the cme with the latest sandra: we will definitely stick with sandra today. taking a look at one room where there is a lot of trading today. corn, wheat, soybeans, the agricultural departments, meet markets, energy products are trading as well. oil, heating oil, also products are trading. gold, silver and copper. then of traders audio joining me now. what do you make of all of this? >> it is an extremely unusual day down here today.

it is a unique event. we have certain quadrants which are closed. very little energy across the board. you are seeing it in the crude and local market. there is a limited participation. some people tend to look for a day like this for opportunity, i look at this as a favorite risk day. this gives you an unexpected opportunity to review the markets. sandra: dyke the s&p up 15% this year. the unemployment number will come out friday. >> that is definitely what traders are looking for right now. sandra: by the way, we will

continue to update viewers, melissa and ashley, whether or not markets will be open here tomorrow. the treasury orchids to be closed tomorrow, there was a recommendation for that. we will be updating you live on the trading floor all day . ashley: we will get more details later. all markets are closed today. it looks like the major markets will be closed again tomorrow, just to give you an idea with the powerful storm and how big it is wreaking. melissa: she is in the middle of the quantity fits. oil a big deal on a day like today. ashley: we will keep an eye out for the sec statement. sandy's wrath.

we believe the stocks will be closed again tomorrow. the question is, is the market still not ready for all electronic trading quick fact here to wait and is a former sec chairman, harvey pitt. thank you so much for joining us. is the concern correct that there is not enough faith in all electronic trading situations? >> i think there are some real questions about how orders to shut down physical markets and even electronic exchange markets impacts the ability of people to trade. the fact is there are many other ways in which people can execute their security trend transaction. there are some real problems when shutting down all electronic venues. melissa: yeah, i mean, a lot of

the concern of how big the foreclosed and keeping electronic trading open, how do you think that would have shaken up? who would that have favored? >> i think there is a concern about the optics of all of this and also having a small number of transactions. they have a disproportionate reaction on pricing. institutional investors have india that allows them to trade with one another. there will be trading going on it is just that the general public trading will have stopped. ashley: is this something that should be planned for in the future? >> i think there is a real need for a revisitation of our market

structure. it seems to me it is highly problematic that you can have massive amounts of securities traded when there is an announcement that all security trading should cease. we had this with 9/11 and we were able to shut down all trading at thaa time, but the markets in 2001 looked nothing like the markets of today. melissa: you make it sound like this decision is very -- >> i do not take so. i think that the little person, small traders, really will not be affected even if the electronic markets were wide open as had been originally suggested. those are markets where the volume of trading is much larger. i do think that the perception is one that people want to

avoid. there are restraints on individuals that large institutions do not have to cope with. ashley: from what i understand, harvey, the platform would not be able to trade nyse securities , is that correct? is that a part of the system that you cannot trade? >> yes. it was a way of electronically replicating the on floor physical trading that used to mark the new york stock exchange. in fact, today, most trading on the new york stock exchange is electronic anyway. people actually called out orders and the like, that is a figment of history, but not of reality. melissa: harvey, i do not know, the sec will come out at 30:00 p.m. and announced that the markets will be open

tomorrow. >> that institutional investors trading in volumes that are exponential higher than what the little guy with trade out. there is not going to be a real impact on small investors. on the other hand, i think it would be better if the government had the capacity to shut down all trading from all electronic venues as opposed to affecting only certain venues that it now can affect. melissa: yes. ashley: all right. harvey pitt, thank you very much. this comes from fox businesses charlie gasparino that we are expecting the sec to announce in just about 20 minutes that the financial markets will be closed again tomorrow because of hurricane sandy. we will keep an eye on that every get the latest news and details as they become

available. melissa: we will have an update on sandy path. ashley: it is shutting down most of our nations capital. a live report from d.c. on the way. ♪ [ male announcer ] this is the age of knowing what you're made of.

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ashley: down to the jersey shore where they are bracing for the

brunt of the storm. that is where you will find jeff flock. take it away, jeff. jeff: we have been saying all day that this has been extraordinary how the intensity of the storm has grown without any reletting at all and that is continuing to be the case here. my colleague has a thermometer, just got a gusts of 95 miles per hour. we have had some strong gusts. we are in the 50-60-mile hour range. imagine what it would be like to stick your head out the window of your car as you are driving 60 miles an hour down the expressway. maybe this is what it would feel like. i feel pretty confident that we are at 50-60, maybe 70-mile per hour range. i do not know about 95. i tell you, it is coming.

you see the ocean there behind us. that will be the big problem as it begins to surge in. we are now approaching low tide. we are doing about as good as we will. later is when the trouble comes. melissa: stay safe out there jeff. oh, my goodness. he was talking about his anemometer. i do not have one of those. i may need to get one. it is time to make money with charles payne. he is breaking down the meeting of the economic data personal income spending and saving. charles, you better be good or we are going to send you out to point pleasant beach. [ talking over each other ] charles: i love the name of it. we still have economic data this morning. we have income, personal income, spending and saving. i have been griping about

calling america the dropping nation. income of 0.4%. spending was up significantly and savings was down dramatically. think about this for a minute. every month, spending comes in sometimes for times as much as income. our savings have gone down. we cannot do that forever. do the math. second quarter 2010, it was almost 6%. where is the money going? retail stocks have been doing great. i'm -- purchases of buying a home 5%-30%. you know what we are saving for

now? purchases. again, we are living in the moment. i think it is really worry somm. retailers have done well. think about long-term. you can argue for it, i do not if we can just be able to economy. we need to be in economy where there is real capital expenditures. melissa: i want to interrupt you for just a second. the new york stock exchange just sent out a thing that it will be closed tomorrow. is that right quick smack the markets will be closed tomorrow? i do not mean to interrupt you, but that is very important to our viewers. charles: think about this, this will already be an angst filled

week. a triple digit to the upside, a triple digit to the downside and then the election on the way. all of that will be squeezed into, maybe three trading sessions. we will be in for a real wild ride this week. melissa: you are right about that. ashley: hurricane sandy has forced most of the federal government to shut some power already out. rich edson joined us with the very latest from d.c. rich: president obama wrapping up a meeting with emergency responders, fema, homeland security, he says the federal government is prepared. they have food and water position all throughout the eastern united states ready to respond where they are needed. this is a big storm and telling us here in the northeast pretty much what we do not want to hear. >> transportation is going to be tied up for a long time.

probably the most significant impact for a lot of people, in addition to flooding, will be getting power back on. we anticipate there will be a lot of trees down. a lot of water. rich: he does not anticipate there will be any impact on the election. governor romney has changed his campaign schedule. back to you. ashley: rich edson indices. thank you very much. the new york stock exchange closed today. it is closed tomorrow as well. we almost had electronic trading opened today. why wasn't it. charlie gasparino continues that story next. ♪

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ashley: pictures worth a thousand words. the storm moving in. this is a picture of the southern tip of manhattan did zone a has already been evacuated. the brunt of the storm coming in later today. the equity markets are closed today. they are also closed tomorrow. they say we intend to reopen our rockets on wednesday. conditions permitting. we will have to keep an eye on that. we have deadly winds that could be gusting up to 90 miles per

hour. melissa: this guy did not look like that even an hour ago. it was literally the calm before the storm. it just keeps getting darker and darker and darker. president obama and governor romney abandoning campaign trails today and tomorrow. here now, steve moore. steve, we broke news earlier this hour that the labor department was going to go ahead with those numbers, with the unemployment number on friday. that was a big deal in the big question that we had earlier. people are not at work so it seems clear they could delay it, but, of course, people would be wondering that is a little too convenient with election on tuesday.

the most important survey of all, in terms of the selection, a week from tuesday, is that survey of unemployment that comes out on friday. the president obama gets a good number, it will be a huge lift for him. if we go back to 8% unemployment, which is very possible, then, you know, that really throws the momentum in the last weekend to met robbie. do not forget, remember the 2005 election -- ashley: we are pretty seeing some disruption and certainly the storm is big enough, we have seen the campaign, both

campaigns knocking back their schedule, canceling events. who wins? >> that is a great question. my view is, look, if president obama looks like he is in charge and that he is handling this with integrity and professionalism, i think it is good for barack obama. if you looks like he is trying to politicize this event, it is very dangerous for him. if he is seen as a professional and has all these agencies working properly, it could be a bump up for president obama. melissa: there were plenty of things planned that got canceled >> i just think at this point of his campaign events are a lot of noise. who are these people who have not made up their minds? [ laughter ] melissa: i think they are people who say they do not want to say

who they are going to vote for. it is hard to imagine you do not have an opinion at this point in time. >> my bigger point is if they cannot go to ohio or california, that does not make any difference in terms of who will win this election. these are mostly just parade of hooting and hollering. melissa: steve moore, thank you so much. you are not able to make it back because of the storm. >> i am in chicago right now. i may be stuck here for a few days. [ talking over each other ] melissa: steve moore, thank you so much. ashley: charlie gasparino first reported that the new york stock exchange will close again tomorrow, on tuesday, with hurricane sandy rumbling through the tri-state area.

why did its reverse its initial decision to open as an all electronic market today? charlie: he kind of danced around that question today. the stock exchange closes tomorrow, we should point out that wall street, itself, will close tomorrow. every exchange. the nasdaq, every firm, from what i understand, is closing. the stock exchange just put out an announcement. we were first to report it. i expect an announcement from the sec about the exact play tomorrow. what is interesting about this is obviously the news that we were reporting yesterday. there was essentially a revolt.

when the new york stock exchange announced its plans to close the floor, but "exchange you had a revolt from the brokers say why are you doing this? duncan, the ceo of the new york stock exchange reversed his decision. why would he do that? i can only tell you this, i talk to people at the new york stock exchange, they believe they have the technology to have an orderly work it. not have prices go up and down like a flash crash sort of thing. they believed it could handle what was going on. i think this is accurate to a certain extent. they told me that the brokers, themselves, were not prepared for this situation. for this state of emergency situation. the new york stock exchange does have a remote location in new jersey. they can operate.

they can do this. melissa: why were the brokers not ready? rich: that is a question we have to ask the brokers. this is a competitive thing here. this is where duncan danced around today. every broker operates at some exchange. they could not get their people to operate their exchange. the new york stock exchange and nasdaq would have been the only two games in town. that, from a competitive standpoint, went nuts. we know the street made calls to the sec. that is clear. the sec -- melissa: great reporting today.

we have sandy smashing into the east coast. we will talk to tom close up, one of the best guys in the business. we will let him know what kind of surge we should see in gas prices. you do not want to miss out. it is coming right up. [ male announcer ] do you have the legal protection you need? at legalzoom, we've created a better place to turn for your legal matters. maybe you want to incorporate a business you'd like to start. or protect your family with a will or living trust. legalzoom makes it easy withtep-by-step help when completing your personalized document -- or you can even access an attorney to guide you along. with an "a" rating from the better biness bureau legalzoom helps you get personalized and affordable legal protection. in most states, a legal plan attory is available with every personalized document to answer any questions. get started at legalzoom.com today. and now you're protected.

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ashley: oil prices sliding to the lowest level since mid-july as hurricane sandy barrels up the east coast. let's head back to sandra smith at the cme with the very latest talking oil, sandra. >> hey, ashley. the rbob is the biggest gainer on the cme and is in fact one of the products that is trading on the cme. rochlt bob gasoline prices fraction of a percent. 2/3 of refineries along the

east coast have been shut down or at least reduced production. meanwhile oil prices are going south. why? refineries shut down they don't need as much oil. oil down to $84.6. that is the lowest prices in oil since july. while most other markets are closed there is a still a lot trading on the cme right now. that is including gold, silver, copper. a lot of metals still trading. we have trading the agricultural markets. we're standing in the ag room at the cme where things like coin, soybeans, wheat, also lean hogs, live cattle, all those agricultural products still trading down here, guys. the meat pits close 1:00 p.m. central time, 2:00 p.m. eastern. grain markets, close at 2:00 p.m. central, 3:00 p.m. eastern time. refinerier closures will take notice when stock trading begins. folks will watch stocks like phillip, new star, these are

just some of the names of the companies that have shut down refinery production along the east coast. when you're gearing up for the stock marquette to open you want to watch what is happening here because it will definitely influence a lot of names in the stock market. back to you guys. ashley: you're definitely right. sandra smith at cme thank you very much. melissa: will hurricane sandy strike at gas bum pulls? -- pumps. 7% of the u.s. refining capacity is in the storm's path. what is it like there? are you getting pounding with rain? >> we saw lean hogs and light cattle be sort of flown in our direction. from the ag floor. melissa: that has to be really unusual sight. let me ask you about gas prices. you heard sandy before you oil trading on the idea if refineries are shut down that is less demand for oil. what about gasoline? because it can cut both ways. on one hand the supply is going down because refineries

are closed down but on the other hand there isn't a lot of people driving? >> i think the demand destruction is more of a threat than damage to supply. we've seen two refineries shut down completely both in the new york harbor area. the new star refinery makes asphalt. that is not a big consideration. the refineries in delaware river are in a cold mode, like getting water ready for pasta so you can put it on early or late depending when the in-laws arrive. so i'm looking at numbers here. i would say, you know, in the northeast back of the envelope we use about one, 1 1/2 million barrels a day of gasoline each day. we're certainly going to lose millions of barrels of gasoline demand this week and my guess is that we'll see retail prices perhaps wobble or stay about the staple for a few days. then they will resume a steady downward trend through november. ashley: tom, what about the possibility with the storm surge that they're talking about now, that we could

have some real damage done to these refineries especially if that saltwater he is gets over, breaches the defenses if you like? what kind of impact could that have on refining capacity? >> well that is the worst-case scenario and i think that is the worst-case scenario for the phillips 66 refinery in bay wing, new jersey. that one isn't directly in the direct path of the storm but the storm surge numbers say that could potentially happen. that is the greatest risk out there. although if you look at probabilities it is probably not a high probability but it is a possibility. today's gasoline increases on the nymex reflect to a certain extent a worst-case scenario. melissa: you jumped ahead to my next question because i was going to ask you based on trading today what do you think is priced in already and where do we go from here? >> i think we priced in a few days or perhaps even a week or so of shutdowns at port reading, the hess facility, and the bay way refinery that phillips has and we're pricing in that

the philadelphia or delaware river plants will continue to run after the storm passes them. obviously if we get some severe damage it's a problem but remember one thing, melissa. almost every refinery that hits the united states, destroys considerable demand. it is a rare bird that destroys supply. melissa: so how long do you think that demand stays off-line? it depends on the length of the storm of course but if this comes through and, you know, even though it looks bad right now if it doesn't hang around as long we might have thought maybe prices go up because we wouldn't have destroyed as much demand? >> you might see gasoline prices in the northeast trickle a little bit higher for a few days but think about it like batteries and water. you probably have enough batteries and water at home to survive for the next few years. to a great extent people have built up on their gasoline. this is considerable demand destruction event that will probably haunt next week's

numbers with demand estimates that look like the middle of the winter. i think we're find. melissa: tom kloza, thank you very much. >> take care. melissa: appreciate your time. ashley: watch out for flying cows. melissa: that's right, yes. we tell you right now we're hearing from the nasdaq as well they are going to close trading tomorrow along with the new york stock exchange. we told you about that a short time ago. this is the nasdaq confirming their market will be closed as well. yyu can see there on the bottom of the screen. ashley: not a huge surprise. sandy battering the east coast. how bad a hit will insurance companies take? a lot of the flood damage, well, isn't covered by them. coming up next liz macdonald with the bottom line. we'll be right back.

>> hello, i'm cheryl casone with your fox business brief. the new york stock exchange has announced it will be closed for a second day tomorrow as a result of hurricane sandy. fox business's charlie gasparino who was first to break the news is also reporting the exchange is planning to reopen on wednesday. meanwhile the nasdaq has just announced it too will be closed tomorrow. at arco petroleum released mixed third quarter results in the last hour. exploration and production company reported an adjusted profit of 84 cents a share. they topped expectations by 8 cents. revenue of $3.3 billion was just shy of the estimates. major job cuts could be on the way at ubs. according to "the waal street journal" the bank's board is considering a plan that would eliminate up to

15 lines of business and 10,000 investment banking jobs. the journal says the top leadership of the investment bank would be reshuffled. that is the latest from the fox business network, giving you the power to prosper

melissa: we want to brick up to date with breaking news from this hour. we learned nasdaq and new york stock exchange will be closed tomorrow just like today. they will not do trading tomorrow. we found out the labor department will go ahead and release the all-important labor data on friday as well. a lot of bits of nice here. very important for traders and the economy. with hurricane sandy bearing down on the east coast both president obama and mitt romney have been forced to change their campaign scandals. one thing that has been settled. the labor department planning to release the october jobs report, the last one before the election.

peter barnes is in washington with the latest on that. peter. >> we're in the briefing room in the white house. we're in the middle of a political campaign, the race for the presidency and the president deciding this morning to skip a campaign in florida to get back here to the white house. he also canceled a campaign event in wisconsin scheduled for tomorrow. the white house said he wanted to be here to stay on top of hurricane sandy and to direct the federal response. he met with his homeland security team here at the white house this morning in the situation room. afterwards briefed reporters who asked him if he was concerned that the storm might have any impact on next week's election? >> i am not worried at this point about the impact on the election. i'm worried about the impact on families and i'm worried about the impact on our first-responders. i'm worried about the impact on our economy and on transportation. the election will take care of itself next week.

>> his opponent, governor mitt romney canceling the rest of his campaign events for today and for tomorrow saying he was doing this out of sensitivity to the situation. >> you with full hearts and clear eyes can see what is happening across the country right now. on the eastern coast of our nation, a lot of people are enduring some difficult times. our hearts and our prayers go to them as we think about how tough it is going to be there. >> and, we have been chasing all morning whether or not the labor department would in fact release that all-important october jobs report this friday as scheduled because with the federal government closed today and likely tomorrow as well the workers who work on that report, who prepare it, who process all the data are non-emergency personnel. so they don't have to be at work today or tomorrow. labor department finally confirming within the last hour that in fact it plans to release the october jobs

report this friday as usual. melissa. melissa: peter barnes, thanks so much. ashley: sandy is one of the largest storms this country has ever seen the federal government says it has a diameter 1 1/2 times the size of texas, wow! it could end up costing billions of dollars. but the big question will your regular homeowners insurance have you covered? read the fine print i guess. liz macdonald is here with more details in emac's bottom line. what do you say? >> flooding is the main cause of damage and the top cause of damage in hurricane katrina, isaac, irene and it has been the top cause of damage since 1980. that is the first time mine -- munich re, the insurance company, started to look at hurricane related events. look at storm surge. i will see where the deep parts of the flooding will be felt along the eastern seaboard. look at this possible surges surpassing six feet. you will see how much it goes inland. because these are sigh loan force winds. we also have a full moon,

high tide will be hitting tonight at around 8:00 p.m. eastern time. melissa: wow. >> that is expected to add two to three inches to the storm's surge. so that's the problem here. so when you add texas, add oklahoma and new mexico and arizona into the circumference of it, the total circumference but the problem is insurance policies tend not to cover flooding. you have to buy a separate insurance policy to cover flooding. that is the thing homeowners and businesses need to owe. melissa: i thought it was separate issue flooding from a hurricane or just looding? >> that is important point, melissa. the flooding in many policies has to be induced by wind. they did attach riders to the policies. flooding from wind, pushing flooding and water inland into your home. that's right. that it is covered. you have to buy that separate policy flooding from trees hitting rooftops. that can be covered as well. fema is telling fox business, we've been in touch with the

insurance industry the government will sell you a cheap policy for say 600 bucks. that will cover 250,000 in damages. but, you know deductibles are really high for flooding that issue too. maybe a thousand bucks out-of-pocket. ashley: ouch. thank you. >> things to keep in mind as we move forward into this evening. ashley: liz macdonald, thank you very much. we appreciate it. melissa: good luck getting anywhere in the air. flights are canceled and some planes are having trouble to find a place to park. that up next an update on reagan international airport

ashley: hurricane sandy churning its way up the east

coast forcing airlines as you can imagine to cancel thousands of flights leaving travelers stranded across the country and around the world for that matter. fox news's steve centanni is at reagan national airport in washington with the very latest. steve, it's ugly out there no doubt. >> well it is ugly outside and very quiet in here, eerily so. usually this is very busy place. today it is dead. nobody is here. they all knew their flights were canceled so nobody came down here. there have been no flights out of here since 9:00 this morning and we don't expect anybody until probably wednesday. all together along the eastern seaboard from here north through new york to the major airports up there 8962 flights have been canceled, sunday, today and some for tomorrow as well although that will probably go up. there will be many more canceled for tomorrow. this is not a complete figure. and that not only affects reagan national airport where everything has been canceled, 95% and from now

on there will be no operations until probably wednesday but also airports around the world. people who are trying to get here from europe and asia weren't able to do so. they're stranded at airports of origin. the planes never took off. big crowds of people unlike here are stranded at heathrow and airports in france as well. they were unable to get here. at dulles airport just about 20 miles away from here they did get some flights off this morning. in fact just about an hour ago one left for tokyo and another left for dubai in the united arab emirates. here in washington national and airports up the and down the eastern seaaoard it will be a quiet day. check with the airline if you have anything schedules you would. unlikely you will have anything availabll. ashley: steve centanni in a very quiet reagan international. melissa: lukoil station joins me to discuss sandy's effect on gas prices. he is right in the path of the storm. if his gas station is still there three hours from now

we'll have him on "money" with melissa francis 5:00 p.m.. ashley: fingers crossed. melissa: yeah. ashley: how much damage could sandy's storm surge cause? according to corelogic over 250,000 residential properties valued at some $88 billion are at risk. find out what other economic impact this is historic storm has in store for us still coming up next on fox business. girl: don't look at me. second girl: your hair's a bit frizzy today. aw! ha ha! you should pick that up. announcer: every day, kids witness bullying. poor you. ha! they want to help but don't know how. teach your kids how to be more than a bystander. visit stopbullying.gov.

>> i'm nicole petallides. >> i'm ashley webster ashley: sandy is hitting the east coast and we'll have the latest on winds and power outages and fore. nicole: sandy forcing the first weather-related closure to the

new york stock exchange in three decades. we'll have more on the long-term economic impact ahead. ashley: sandy's landfall comes eight days before the presidential election. we'll tell you how both campaigns are changing their schedules and responding to this massive storm. nicole: well, hurricane sandy pounding the east coast. we've got robert gray, jeff flock, all live in the field, risking their lives for our live continued coverage. we say that a little tongue-in-cheek but obviously we know that millions of americans here contending with sandy. let's go to robert gray now in lower manhattan. robert? >> hey, nicole, thanks so much. we've been talking all day, you know, schools are out, new york stock exchange not trading. most businesses in lower manhattan are closed. folks have been evacuated out of this area where we are in battery park. this is at the southern tip of the island of manhattan. we moved a little further north, stone's throw from the new york stock exchange. you're familiar with that neighborhood. aside from tourists toting

cameras we talked to residents there asking about their plans to ride out the storm. >> we're going to hold out and see what the storm does. we're stocked up on food and water and hopefully we don't lose power. >> any contingency plans if things take a turn for the worst? >> a lot of wine. no. that i'm not really sure to be perfectly honest with you. we're prepared for about three or four days. so, i'm hoping by that stage that things will be over and back to normal. >> well, also, not a lot of shops open at least down here. as you go farther north out of the evacuations there were some shops open there anna was telling me. you can take a look around and conditions are starting to get, would. we're coming up on low tide. the water has receded. it is three or four feet below the sea --. ashley: we just lost robert gray but we can tell you the latest from the weather service says that hurricane

sandy now picking up speed and will it hit the new jersey shoreline eerlier this evening. sometime earlier this evening. we're expecting a little later on tonight but the storm is starting to pick up speed which i'm assuming might be better because we'll get it through quicker but we'll keep an eye on that. nicole: over 100,000 have no power, right. >> absolutely. who is knows what first-hand is going on down in new jersey. jeff flock at point pleasant beach, with the very latest. jeff? >> down on one knee. give you a sense what this is like. by the ground, wind blowing sapped, sandblasting or maybe a sandy blasting. it is an interesting piece of information about the increase in forward speed. that means maybe, we will not get a confluence of the storm coming ashore and high tide, which i can report to you is seven -- 7:18 local time here in point pleasant

which is one of the areas in the gun sights and, you know we had low tide here not too long ago as one of our buddies running, colleague rick leventhal running through our shot over there. he, a wind gust out here of 95 miles an hour. not sure if that was a rogue gust or what but we're getting a good 70 i would say right now. if you look into the teeth of it, that is kind of what you see. and you see the intensity of this storm which is not backed off at all. it is just continue to blow. i'll tell you, been through a lot of hurricanes. this is lasting a longer time. if we go until 7:00 or 8:00 tonight, before it makes landfall, then you've got the back half of this storm, that was what forecasters said from the start. you got a storm that is going to sit on you a long period of time. that not only does more damage, but it also figures to push this water into the

beach. high tide, ground zero time. we'll be here. somewhere. ashley: i have no doubt about it, jeff flock, almost eerie silhouette there, backdrop of the waves, blowing sand and win. as jeff points out though, if sandy is starting to pick up speed a little bit maybe the storm can get ashore before high tide at 7:18 local time as jeff was saying on the new jersey coastline. that would at least bring some relief, not a lot because as you see the winds are devastating. >> it is large, it is persistent, it is dangerous. nearly 284,000 homes valued at approximately $88 billion are in hurricane sandy's -ppath at risk for more damage from the storm surge and that's been a major part of this hurricane. that is according to real estate analytics firm, corelogic. dr. howard boss is the vice president of core logic spacial solutions team and he joins us now. tell us about the value that we're talking about when you

talk about $88 billion, and how, we have a lot of questions for you but where are the areas that the may see the biggest damage? >> well, when we talk about it $88 billion, or 288,000 homes, and billions of dollars in damage we're really talking about the mid-atlantic region but the area we're most concerned with is long island sound, new york city area where we see 119,000 homes, about $45 billion in potential damage. we're going to see perhaps the largest storm surges ever recorded in these areas. even with coming a little bit about before high tide we still believe that this is going to have substantial property damage. ashley: what about property insurance, howard? we just had, one of our reporters was on earlier today talking about, a lot of people don't have the kind of insurance you need to cover the damage. so what about property insurance? >> well, that is a real

concern. any homeowner buying a home has to get a flood certification. if you're in a 100 year flood zone you're required to buy federal flood insurance. in the case of the new york city properties, 68% of these homes are not in flood zones and likely, are not insured. which means, in the case of water damage their homeowners policies exclude them. there may be some cases of basement flooding and others that may be covered but by and large unless people bought supplemental policies they're at risk for all the damages from flood as opposed to wind damage. nicole: dr. boss, you focus with the geographic information systems looking at these areas, providing information for insurance industries. a lot of viewers are watching today. they're very nervous. what are the main things they should know now now for the next 24 hours? or what are the main things on your brain right now? >> well, our concern is

always before the storm trying to educate people as to what the risks are. short of moving their homes, really all people can do is make sure, if you're in a surge evacuation area you get out with your family, pets and valuables but there is very little a homeowner can do to mitigate against storm surge damage. a cubic meter of water weighs about 1800 pounds. if you think about all the water that is being pushed onshore over the course of many hours it is going to do tremendous damage to homes all along the, particularly the long island sound area where you have nowhere for the storm surge t go. it gets pushed into the area, can't go to the down, or to side so it goes up on land. evacuation, getting free of the area is only thing homeowners can do now to really mitigate the risk. ashley: i have about 30 seconds. other than homeowners what about commercial businesses?

it is almost a double-whammy, isn't it? not only may they suffer structural damage business may be down for a while, well, a, you may not be able to open your business and b, people can't get to you anyway. >> right, absolutely. insurers were very pleased this year. they have had very few catastrophic losses particularly in the commercial area but in this case, commercial entities are insured against flood. so you're going to have business interruption, inventory, all these things that are going to be contributing to, if you think about the airports maybe being out for some time, the subways, bridges and tunnels, it will have huge commercial impact. nicole: no doubt. dr. howard boss, you're absolutely right. this is obviously widespread all across the eastern seaboard top to bottom and everybody is bracing for the landfall. we thank you so much for your professional insight on this. howard boss, core logic. ashley: good stuff.

hurricane sandy causing power oughtages as you can imagine along the east coast. we'll have a live update next. nicole: let's see how oil is treating. trading to the downside. lowest since july 12th. there it is, 85.44.

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nicole: states of emergency up and down the east coast here. let's head over to adam shapiro in our newsroom with the latest on power outages from hurricane sandy. adam, what have you learned lately? >> the power outages are starting to grow. obviously in places like atlantic city, as you move up through new jersey into the new york area we're seeing outages begin to multiply. give you quick numbers. atlantic city electric last hour jumped 37,000 customers without power. here in new york, con-ed very few, only 4500. long island power and light, 54,000 without power. and that is growing rapidly. i've been watching that number all morning long. at one point it was only 10,000. it just shot up. then you move over into new jersey. jcp and l, jersey central

power and light. edison, electric institute, all the utilities cooperating, thousands and thousands of men and women, crews moving into the area to restore power after the storm goes through. the mutual assistance network has flown in people from mexico, canada as far as away from the west coast and washington state. the crews are in place. they're not going to actually get dispersed until they know exactly where they need to go. you have crews from con-ed, crews from lipa, crews from jcp and l. crews are out there restoring power but it will be a game of catch-up as the storm moves inland. nicole: adam shapiro thank you very much. many of these places have no power, adam, ashley and also charles, if you're joining us, basically we could see out for days. ashley: for days up to 8 to 10 days at very worst scenario. hopefully that is the not

case. adam, thank you very much. time to make money with our own charles payne. at this hour he is telling to us supersize the profits with fast-food. now you're talking about my language. >> i think we were separated at birth on this one, right? almost every company would schedule earnings today, we won't do it, except burger king. burger king reported numbers and came in better than expected. what i find interesting about this whole thing, mcdonald's is taking it on the chin. for the record my subscribers are long on the stock because of increased competition. burger king same-store sales were up 1.6%. the street would probably rejoice because they thought it would be a little bit less. mcdonald's during the same period had comparable stores up 3.6%, beating wendy's at 2.%. moral of the story is the direction they're heading. mcdonald's last year 4.8% same-store sales. it is going in the wrong direction, no doubt about it but maybe burger king is

something to watch when trading starts on wednesday. remember burger king was public. wasn't public, was public, wasn't public. went public again in reverse merger. took a company that had no operating history instead of going ipo they bought into that and went public. so we'll see. that is one to keep an eye on for perhaps wednesday morning. nicole: they have, they have slower growth. that is basically -- and it is a global story too, when you talk about the dollar, you talk about demand abroad all of these things. >> that is what is interesting because their asia sales were down 2.2%. their asia sales are mostly australia and south korea. you're absolutely right about that but it is all about the expectations game. because expectations are so low, burger king, by the way the stock, needle has barely moved since they become public. maybe it might finally get traction. nicole: i keep the places in business. there is no doubt that i hit mcdonald's and burger king on a very regular basis. >> how do you do it? nicole: burger king i get

salad and grilled chicken on top. ashley: no one does that. nicole: kids get happy meals. mcdonald's same gig. they have a great bacon ranch salad. >> so you're the one eating salad? nicole: all of them. >> he gave you a shoutout during the press release. whoever bought the salad. nicole: nicole petallides fox business, we thank you. ashley: i will take the double -- well, okay. charles, thank you very much. nicole: commodities are one of the few things actually are trading today, and we're live from the cme next with a look how sandy is moving oil and gasoline futures. ashley: but first, this is how the dollar is moving right now against these foreign currencies. let's take a look. against the euro. they were trading in europe today although slower volume because the markets are closed here in the u.s. you can see all the currencies down against the u.s. dollar. we'll be right back.

nicole: stocks aren't trading today or tomorrow, commodities are still making moves. let's talk with sandra smith on the very busy floor of the cme with the latest there. sandra? >> hey, nicole. i'm actually in the green

trading room here at the cme where there were regular trading hours. pit sessions were open. electronic sessions were open. looking at time, 1:21 pm central standard time i have tres knippa. so many people are at their home offs or trading desks and couldn't get to work today. what is the color on the floor? >> obviously we have liiited things open. i've been trading a lot of energy futures today. energy futures off in the crude as expected, selling into this break the idea being if you shut refineries on east coast that will cut demand for the crude. selling crude in the mid-80s to me, that seems like picking up nickles in front of a steamroller. >> hitting multi-month low in terms of crude prices. 2/3 of refineries along the east coast shut down. many not only cutting production but shutting back production. that led to rbob gasoline getting a spike while the crude prices come down.

>> exactly, if you can't refine it there is less of it and price goes up that is perfect storm, but hate to use a storm metaphor on a day like today. if refineries are shut you have limited supplies the gasoline and more crude on the market in the short term. >> were you guys taken off by the fact that chicago's trading floor, a lot of pits got closed a lot of electronic sessions got closed as a result of this storm? >> that didn't surprise me at all? why would you have stock index futures trading into space if you don't have the stocks opening along with them. >> tomorrow what do you expect? >> i don't if we're closed tomorrow i do expect us to be back open on wednesday because wednesday is month end and it will be options expiration. i think they figure out a way to get equities open by wednesday. >> friday is the ever important jobs report we confirmed will be released by the government on friday. what are traders predicting there. >> the number, you will still see the market sort of suffering along with that but i don't look for that

jobs report to be a big surprise to this market. >> there is tres knippa, knight capital. still a huge week. so many innings it closed. a lot of things still open. cme has not confirmed whether or not we'll see more closures tomorrow. we'll have the update as soon as they get it to us and we'll bring it to our viewers. back to you. ashley: i guess, sandra, these closures based on what is going on elsewhere. as your guest just said, if they're shut down there is not much point in some of those areas in chicago in the cme being open either. it may be the case you think again tomorrow? >> but, remember, ashley, one thing that a lot of traders will point out down here these are global markets. this is the largest derivatives exchange in the world. so it's not just about u.s. or new york trading here. ashley: yeah. >> these are global markets and these are global crude markets, gold markets. many outside the u.s. depend on these markets to operate and function as well. nicole: sandra smith giving us latest there in chicago at the cme. we've been watching

commodities so closely since equities if you want to trade anything in the equities realm you can not do, not today, not tomorrow, right, ashley? ashley: not at all. until we get sandy out of the way and clean up movement for more on commodities we have edward lanier for fc stone. he joins us over the phone. ed, look, refineries along the east coast about 2/3 of them as sandra just told us at the cme shutting down. is that going to squeeze prices? ultimately will we see prices go higher or is the demand destruction count irbalancing that? >> initial end e indication in the market, electronic trading what have you, people are a little negative on the situation. they are likely going with your supposition that demand destruction will likely offset any supply being removed from the market.

incidentally we saw the same thing during katrina. energy prices really dropped after that disaster basically because demand vaporized for weeks on end. in the south. so we'll have to see what happens here. certainly the storm is a very serious one. many of these refine i ares are close to the water. they could flood. the question how quickly will everybody get back on their feet? how wickly will they start driving again, going to jobs, et cetera. that is where the demand component kicks in. nicole: edward, we've obviously been seeing oil selling off. it was $99 in the middle of september. here it is at 84 and change at one point, the lowest level since july. as we go into, we're obviously nowwcontending with hurricane sandy which is huge and unprecedented in its form and you start to go into the winter season, which way do you think crude may go in the months ahead

taking all of these factors into account? >> good question, nicole. i think we'll probably start to strengthen going into november, december and i say that on account of a few factors. first of all the u.s. elections will be over, so a measure of uncertainty will lift. secondly we expect the chinese, once their election, quote, unquote, are also over, we could see them move towards lowering interest rates and or reserve requirements or possibly introducing yet more stimulus. and thirdly, we think this fiscal cliff issue will likely be resolved. i doubt anyone in his right mind will let it go to the wire and get us into a, another disaster on the financial side this time. ashley: i don't know. wouldn't hold my breath. hopefully you're right. edward, thanks so much for joining us. we really appreciate it on a really extraordinary day as hurricane sandy bears down

on the new jersey coastline. nicole: as we talk so many long island customers out of power. there this weekend going by to gas stations trying to fill up yesterday, how about three of them had no gas? so you have to go around and find that. ashley: you do. nicole: the new york stock exchange shutting down for a second day tomorrow. our own charlie gasparino on the inside story coming up next.

ashley: welcome back, everybody sandy is causing widespread damage along the east coast. amtrak just announcing its corridor services will remain

suspended tomorrow. maryland governor says the towns popular fishing pier is "have gone." the new york stock exchange is closed for weather for the first time in 27 years. it will be closed again tomorrow. charlie gasparino will have more on that story. president obama and mitt romney have canceled several campaign stops because of sandy. nicole: the major exchanges are closed for trading, not only today, but also tomorrow. it costs more than $1 million in fees. -@we will talk to charlie about that. we have not seen two days of closings since the late 80s. ashley: that is right. nicole: they discussed the different ideas that they had. they were concerned that there may be fat finger traits. there may not be the liquidity

needed. ashley: at a time where there are questions being raised for the integrity of the system. ashley: you will be down there in the middle of it. it will be interesting. nicole: there is no dow. it is the end of the month. it is expiration as well. we will be looking at all of these stocks that will be related to sandy. financials that have lost money during this time. we also talk about casinos. we see atlantic city completely shut down. ashley: the insurance stocks, we are trading in europe today, they took a big hit. just to reiterate, amtrak canceling service tomorrow for the northeast corridor. if you are taking a flight anytime soon, all flights, i

think, 10,000 flight to the northeast canceled today and tomorrow. in the airline industry, domino effect. nicole: the reason why they are shut down is because everything is for the human elephant. safety first. one for all and all for one. just trying to make it through sandy. we have it all covered here on the fox business network. we will have a lot more coming up for you after the break on hurricane sandy, business and politics. we have you covered. ♪ [ male announcer ] the markets keep moving.

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♪ >> i have your fox business brief. the new york stock exchange and nasdaq have announced they will be closed for a second day tomorrow because of hurricane sandy. they plan to reopen wednesday weather permitting. ameritrade has moved up its results to this afternoon while drug giant pfizer has moved them to thursday. personal spending rose are then expected in the month of september. meanwhile, income was right in line with expectations with an

increase of 4.4%. that is the latest from the fox business network. giving you the power to prosper. ♪

nicole: the major exchanges are closed for today and tomorrow. more than $1 million in fees per day. ashley: charlie gasparino having the latest on hurricane sandy closing down wall street. charlie: it is all systems go.

they could have done this. things happen really fast. fox business.com was the first to report. they did a great job. on the call listening to it. later that night, he did a 180 reversing that. he is obviously competitive. he would have been open, but other exchanges that operate, they each have their own, it is called a dark pool. they do not have the dark policy that the new york stock exchange does. period they are leaving a lot of money on the table. they are estimating it is something like a million dollars in fees. the nasdaq, as well, a lot of money. they are planning on a wednesday opening. you are laughing.

you do not think it is going to happen. ashley: i am not laughing at all. they made it very clear that they were not so hot on the fact that it would be electronic only. on the contrary, you would have to bring in some people and you may not have had the liquidity. charlie: i do not know why you have to bring some people. the system was designed to make markets. why you need people at goldman sachs. they want to be in because they wanted to be up while the new york stock exchange is up. this was all competitive. in the end, that is my opinion,

based on a lot of reporting. we know there are tons of complaints. the sec is a regulator of this market. i think that is what did it. they pleaded their case. you created this market. it is 50 different players. forty-nine of these players, 48 of these players will not be able to make it to work tomorrow. ashley: the sec put pressure on. charlie: they will not put that. charlie: duncan confirmed the sec was delivering with them. we know the brokerage complained to the sec. we note duncan did in 180. nicole: you know what is interesting, they could have opened. they could have done that. they could have done really well. nobody is complaining terribly

that it did not open. most of the traders are proud of the nyse for making this decision. even mr. grasso came out today and said it was the right decision. nobody said, you know what, they should have opened electronically. charlie: you are talking about the members of the club. i am saying, the average investor, i think they see technology and they want to know, well, if you can trade in a high-frequency manner, why can't i place a trade when it is raining out. ashley: exactly. charlie: i think duncan instincts are right. we have the technology. if this is going to be an electronic market, obviously, he likes it better to have the hybrid model that they have, why can't this thing happen. i think more about this story will come out. obviously, you know, if the brokerage put pressure on them,

let's find out why. they are the ones that got rid of the floor originally. why don't you want your baby to work when it is raining out. ashley: charlie gasparino. nicole: thank you. in washington hurricane cindy has forced most of the -- richard, what have you learned lately? speaking you keep checking these power of states. the federal government is ready for this. >> we are confident that the

assets -- keep in mind, for folks who are not following instructions, if you are not evacuating when you are asked to evacuate but you are putting first responders at danger. rich: at this point the federal government is waiting to hear what local governments have to say as the storm comes to short. as far as the campaigns are concerned, president obama cutting his trip short today. he also has canceled a trip to wisconsin tomorrow. governor romney has canceled his event today, or tonight through tomorrow. nicole: rich edson in washington with the very latest. ashley: we just found out comment saying that the power company up here in the north east serving new york city say they may be forced to turn the power off in downtown and had.

they say they may have to turn off the power in downtown manhattan to protect the transformers. we will keep in eye on that. nicole: we heard that about the new york stock exchange as well. insurance companies are bracing for the long-term fallout from sandy. liz macdonald is on that story and it is all here on the fox business network. stay with us.

ashley: sandy has forced the cancellation of thousands of flights across the country. it is affecting people as far as london and tokyo. we have added and editor from travelocity. what is your best advice for people who have flights scheduled? >> the first thing is do not go to the airport if your flight has been canceled, if you are thinking about having a flight in the next day or two, just avoid the airport altogether. they are being already canceled for wednesday morning, especially out of new york city. error on the side of caution. stay home and get online as soon as you can if you still have power and log on to the website. what you need to do if you want to reschedule a flight that has been canceled is look for your

carrier's policy on the hurricane. each carrier should have a policy. find the waiver code which will allow you to revoke your flight without any change fees or change in ticket prices. nicole: i wanted to ask you that, specifically, i know a trader who would not have been able to come back. jetblue actually waived his ticket for that. i do not know if he was a special case. you are talking about some carriers waving these, others may not. do you know a couple that may or may not? >> i would say nearly all the major carriers are in fact waiving those fees. as long as you are traveling within a window they present to you on a website. that is usually a week out from your current date of travel. if you would like to change her

ticket for later on in the year, that would be a situation where you would have to pay a fee. ashley: needless to say, it will be a mess here for a while. thank you for joining us by phone. sandy is one of the largest storms we have ever seen. 1.5 times the size of texas. it could be bigger than that. it could end up costing billions of dollars. will your regular home insurance have you covered? elizabeth macdonald here now. >> we have breaking news on this. we are hearing from a cookout, it is a top modeling company for the insurance industry. they have doubled their loss estimates. 10 billion-$20 billion. just this morning they were out saying it will cost 5 billion- $10 billion. it is because of flooding.

it is because, basically, the hurricane forced wins. we also have a full moon and high tide hitting at 8:00 o'clock tonight. that upsurge will add one to 3 inches. again, talking to fox business telling us that, yes, the hurricane will be the worst of this year in terms of economic damages. hurricane sandy already tracking to basically beat hurricane andrew and loss estimates, sitting right behind katrina in terms of economic cost to the u.s. economy. you can see it righh here. it will displace hurricane andrew if it goes past 20 billion. nicole: safety first would be number one. our mineralogist at fox news talks about the fact that this storm coming up and itting the

cold air is like fire and gasoline. >> 10 billion-20 billion does not include residential losses. it will be more than hurricane andrew already. ashley: elizabeth macdonald with some startling numbers. this was taken by a resident of rockaway beach. peter brady did not leave his home even though authorities said, take a look at that, that is a huge wave. you can see a truck in front. peter brady joining us by phone right now. -@thank you so much, peter. describe the scene from your vantage point. >> it is pretty amazing. you do not see this very often. ashley: what are you seeing? >> if i could see any bit of a wave from my window, that means

it is huge. that right there is unbelievable nicole: why are you willing to risk your life and the first responders like to stick around? is it exciting to watch? >> my whole entire family lives here. all my neighbors are still here. i have lived here my whole life and i really do not want to leave. if it is going down, i want to go down with it. i have a couple friends staying here with me. one floor off the ground. pretty sturdy. ashley: devotes of your neighbors, peter, evacuate or are there a lot of people writing out the storm with you? >> most of them are riding out the storm. right now it is not that bad.

we know it will get a lot worse. nicole: you sound like a great guy. i wish all of your friends and family safety throughout this storm. as you said you have been there forever and hopefully all good for you. ashley: of course, do not miss fox businesses special report tonight. it is posted by neil cavuto. you cannot afford to miss this. 7:00 p.m. right here on fox business. nicole: greg smith left goldman sachs and did not go quietly. we will hear about his decision and he will be speaking out more in his new book. he will be speaking to his claimant. that is next on "countdown to the closing bell." ♪ you should know that axiron is here. the only underarm treatment for low t.

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liz: good afternoon everybody. i'm liz claman. wall street is a ghost town effectively shut down for at least 48 hours. all u.s. equity markets are closed today and tomorrow as the east coast bundles up and feels the impact of category 1 hurricane which is melding with a a couple of other storms that make it that much more powerful. right now your portfolio is effectively frozen, but we have got everything you need to know the second you can make moves again with your money. check out the view behind me here from our studio here in the middle of manhattan. we are at 48th and 6th avenue. we've got the live look from all up and down the eastern seaboard and the east coast, the national hurricane center said the storm's top sustained winds had risen to nearly 90 miles-per-hour. the storm is accelerating as power outages near 150,000 people are without power all